US Copper Futures Plummet as Tariff Reversal Hits Global Markets

Copper futures in the US plummeted to $6.45 on Thursday after reaching a record high of $6.5 earlier in the session.

The sudden drop came as reports emerged that the White House is reconsidering its decision to impose tariffs on refined copper products due to high inflation for manufacturers ahead of the midterms.

This change in stance was triggered by expectations that the US would add refined copper to tariffs on semi-finished products, leading to a surge in global prices and large inflows of metal into North America.

The ongoing shortages of sulfuric acid for major copper refiners worldwide have also contributed to the price drop, as supply pressures from GCC countries drove China to halt their exports.